For each of the following pair of goods, which good will you expect to have more elastic demand and why? i) Train rides during the next six month or subway rides within the next five years. ii) Club beer or water iii) Buying a mercedes or buying salt iv) Food or potatoes
For each of the following pair of goods, which good will you expect to have more elastic demand and why? i) Train rides during the next six month or subway rides within the next five years. ii) Club beer or water iii) Buying a mercedes or buying salt iv) Food or potatoes
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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For each of the following pair of goods, which good will you expect to have more
i) Train rides during the next six month or subway rides within the next five years.
ii) Club beer or water
iii) Buying a mercedes or buying salt
iv) Food or potatoes
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